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Cryptocurrency Event

More warnings issued by the People’s Bank of China towards the risks in the market of virtual currency.

Once again the People’s Bank of China has warned the people regarding the sector of cryptocurrency. That is to say that the various investors have been warned against the risks that have been consistent with the field of cryptocurrency as well as the operations of the Initial Coin Offerings.

The People’s Bank of China, the Shanghai branch has stated that the investors and the various users must be careful about their operations as far as Initial Coin Offerings are concerned, considering that it is through the means of Initial Coin Offerings that the funds are raised by the sector of cryptocurrency. It is for this reason that the users should be careful, should analyze every aspect before making decisions regarding the investment.

A complete ban was put on the ICOs a year ago by the bank and it has stated recently that it was indeed a wise decision for the market. The effect of the ban can be seen in the reduction of the activities in the market of cryptocurrency. However, there remains a concern regarding the activities of virtual currency that have been flourishing offshore for a long time. However, the authorities have stated that they would see to it that the activities outside of the country are being monitored and will continue to be monitored.

Important names such as Alibaba and Tencent are seeing to it that no transactions are carried out on their platforms. They have completely banned the virtual currency transactions on their platforms. Also, it is believed that the government is on the lookouts for any illegal activity to take place related to virtual currency. The path of cryptocurrency in China can be considered rocky, from being a country most active in the sector to the one aspiring to curb it to a great extent. There is not much that can change the fate of virtual currency in the country.

Kavya Lakhani

Kavya is one of the integral members of the CryptoNewsZ Journalists team. She manages the team of correspondents and researches for the platform. She holds a master degree in Journalism and has cryptocurrency trading experience as well. She constantly follows the cryptocurrency ecosystem with a passion for decentralized fin-tech.You can also mail her at [email protected] to discuss anything related to her reports.

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